By Chelsey Dulaney
BlackRock Inc. reported better-than-expected profit and revenue
growth in its second quarter, as the money manager benefited from
higher base fees.
Chief Executive Laurence Fink said asset flows were impacted by
market volatility in the quarter.
BlackRock said $23.6 billion of active and iShares net inflows
drove base fee growth, offsetting $30.9 billion of low-fee net
outflows. The iShares division offers ETFs, a type of fund that
trades on an exhange.
Overall, total long-term net outflows were $7.3 billion in the
quarter.
Assets under management grew to $4.72 trillion from $4.59
trillion a year ago, but edged down from $4.77 trillion at the end
of the previous quarter.
Overall, the firm reported earnings of $819 million, or $4.84 a
share, up from from $808 million, or $4.72 a share, a year ago.
Excluding certain items, earnings were $4.96 a share in the
quarter.
Revenue grew 4.6% to $2.91 billion.
Analysts polled by Thomson Reuters had forecast $4.80 a share in
earnings and $2.85 billion in revenue.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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